Texas Pacific withdraw offer on Smurfit

TEXAS Pacific Group, the American venture capital firm headed by Ryanair chairman David Bonderman, have pulled out of an offer for Jefferson Smurfit.

Texas Pacific had been carrying out due diligence on Smurfit, but have decided not to make a rival bid to that of the Madison Dearborn’s 3.26 per share offer.

The move means that it is highly unlikely that any other rival offer will come through, leaving the way clear for Madison and the Smurfit family to take control.